Steel Grove Capital Advisors LLC Cuts Stake in AT&T Inc. $T

Steel Grove Capital Advisors LLC lowered its stake in shares of AT&T Inc. (NYSE:T) by 23.6% in the second quarter, Holdings Channel reports. The firm owned 73,792 shares of the technology company’s stock after selling 22,837 shares during the period. Steel Grove Capital Advisors LLC’s holdings in AT&T were worth $2,136,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of T. Brighton Jones LLC increased its stake in shares of AT&T by 26.5% during the fourth quarter. Brighton Jones LLC now owns 48,579 shares of the technology company’s stock worth $1,106,000 after purchasing an additional 10,188 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of AT&T by 15.5% during the first quarter. GAMMA Investing LLC now owns 165,258 shares of the technology company’s stock worth $4,673,000 after purchasing an additional 22,195 shares in the last quarter. Flagship Harbor Advisors LLC increased its stake in shares of AT&T by 10.0% during the first quarter. Flagship Harbor Advisors LLC now owns 75,763 shares of the technology company’s stock worth $2,143,000 after purchasing an additional 6,888 shares in the last quarter. Eagle Strategies LLC purchased a new stake in shares of AT&T during the first quarter worth about $279,000. Finally, Walkner Condon Financial Advisors LLC increased its stake in shares of AT&T by 7.3% during the first quarter. Walkner Condon Financial Advisors LLC now owns 12,428 shares of the technology company’s stock worth $351,000 after purchasing an additional 848 shares in the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

AT&T Stock Performance

NYSE:T opened at $26.01 on Wednesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.81 and a quick ratio of 0.76. The firm has a market capitalization of $185.98 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 2.12 and a beta of 0.42. The company’s 50-day moving average is $28.18 and its two-hundred day moving average is $27.78. AT&T Inc. has a 1-year low of $21.05 and a 1-year high of $29.79.

AT&T (NYSE:T) last posted its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $30.85 billion for the quarter, compared to analyst estimates of $30.44 billion. AT&T had a net margin of 10.29% and a return on equity of 13.36%. AT&T’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.51 EPS. Analysts forecast that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, October 10th. AT&T’s payout ratio is presently 63.07%.

Analyst Upgrades and Downgrades

T has been the subject of several research reports. Citigroup reaffirmed a “buy” rating on shares of AT&T in a research note on Tuesday, August 26th. Wells Fargo & Company dropped their price objective on shares of AT&T from $31.00 to $29.00 and set an “overweight” rating for the company in a research note on Thursday, October 16th. Hsbc Global Res cut shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 24th. Bank of America initiated coverage on shares of AT&T in a research note on Monday, July 7th. They set a “buy” rating and a $32.00 price objective for the company. Finally, UBS Group set a $33.00 price objective on shares of AT&T in a research note on Thursday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.65.

AT&T Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.